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    W. L. Hon

    Research Analyst at JPMorgan Chase & Co.

    W. L. Hon is an Executive Director and Senior Equity Analyst at JPMorgan Chase & Co., specializing in the coverage of Hong Kong and China-listed consumer and retail companies such as Li Ning, Anta Sports, and China Mengniu Dairy. Known for delivering highly accurate calls with a consistent success rate above 60% and average returns near 12%, Hon is ranked among leading analysts on financial platforms tracking buy-side performance. Since joining JPMorgan in 2011 from his prior role at KPMG, Hon has built a reputation for rigorous analysis and strong sector insights, supported by a portfolio of FINRA registrations and relevant securities licenses. His career is marked by industry recognitions for his coverage in Asian consumer equities and impactful research contributions.

    W. L. Hon's questions to DAQO NEW ENERGY (DQ) leadership

    W. L. Hon's questions to DAQO NEW ENERGY (DQ) leadership • Q1 2025

    Question

    W. L. Hon inquired about the company's strategy to mitigate the risk of its ADR being delisted from U.S. exchanges. He also asked for the outlook on cash production costs following the sequential increase in the first quarter.

    Answer

    Executive Anita Zhu addressed the delisting risk, stating that while it's considered a low probability, management is monitoring developments and would evaluate all strategic options, including a Hong Kong listing, to protect shareholder interests if necessary. CFO Ming Yang explained that the Q1 cash cost increase was due to maintenance costs for a shut-down facility and lower production volume absorbing fixed costs. He projected that Q2 cash costs would be similar to or slightly lower than Q1 levels.

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